iSpecimen Reports First Quarter 2022 Financial and Operating Results - Recently Launched Enhanced iSpecimen Marketplace Platform to Help Scientists More Efficiently Search for Biospecimens - LEXINGTON, MA

iSpecimen Reports First Quarter 2022 Financial

and Operating Results

- Recently Launched Enhanced iSpecimen Marketplace

Platform to Help Scientists More Efficiently Search for Biospecimens -

LEXINGTON, MA, May 10, 2022 - iSpecimen Inc. (Nasdaq: ISPC)

("iSpecimen" or the "Company"), an online global marketplace that connects scientists in need of biospecimens

for medical research with a network of healthcare specimen providers, today reported its financial and operating results for the three-month

period ended March 31, 2022.

"Our team has been working diligently on

expanding the capabilities of the iSpecimen Marketplace platform, accelerating the growth and utilization of our global supply chain,

and invigorating revenue growth for long term value. Recently, we saw the fruits of our labors with the first update to the enhanced

iSpecimen Marketplace platform, which delivers incremental, yet foundational, improvements to our software platform.

This includes new data integration capabilities to further grow and federate our supply chain - such as automated data ingestion

and data harmonization tools," said Christopher Ianelli, MD, PhD, CEO and President of iSpecimen. "We expect that the enhanced

iSpecimen Marketplace platform, coupled with the investments we've made this past quarter to strengthen

and expand our operations and sales teams globally, have positioned us to even better support our research clients' needs for biospecimens

Dr. Ianelli concluded, "During the first

quarter, iSpecimen demonstrated operational resiliency and flexibility despite a sudden shut down of our critical supply network in the

Ukraine and Russia. Against the challenging backdrop of the conflict there, and a testament to the global reach of our network, we were

able to quickly mobilize and transition biospecimen orders to other suppliers. The effect of this transition was a delay in the collection

of specimens for approximately $1.0 million in open purchase orders, which had a corresponding negative impact to revenue in the first

quarter. That said, our ability to shift these orders to other supply partners in our network highlights the adaptability of iSpecimen's

marketplace and our ability to address the fragmented global biospecimen procurement market and overcome supply headwinds. In spite of

the setback this quarter, we remain extremely optimistic about our ability to gain additional market traction and help advance critical

Q1 2022 Financial & Operational Highlights

Recent Corporate Updates

Financial Results for the First Quarter of

Revenue for the first quarter of 2022 was approximately

$2.5 million, compared to approximately $3.0 million for the first quarter of 2021. The decrease in revenue was due to was primarily due

to the Russia and Ukraine conflict which shut down supply sites in those regions and affected approximately $1.0 million in open purchase

orders, along with a reduction in sales of COVID-19 specimens when compared to the prior year.

Cost of revenue was approximately $1.2 million

for the first quarter of 2022, compared to approximately $1.6 million for the first quarter of 2021. The decrease was attributable both

a decrease in the overall number of specimens that comprised the cost of revenue, along with an 11% decrease in the average cost per specimen.

General and administrative expenses were approximately

$1.8 million for the first quarter of 2022, compared to approximately $0.9 million for the first quarter of 2021. The increase was primarily

attributable to increased costs related to cash compensation, stock compensation, D&O insurance and operating and maintenance expenses.

Net loss was approximately $2.4 million or $(0.27)

per share for the first quarter 2022, compared to net loss of approximately $4.0 million or $(4.23) per share for the same period in 2021.

Cash was approximately $26.1 million as of March

31, 2022, compared to approximately 27.7 million as of December 31, 2021.

Conference Call and Webcast Information

The Company will host a conference call and audio

webcast today, Tuesday, May 10th at 8:30 a.m. Eastern Time featuring remarks by Christopher Ianelli, MD, PhD, CEO and President,

Tracy Curley, CFO and Treasurer, and Jill Mullan, COO and Secretary.

For interested individuals unable to join the conference call, a replay

will be available through May 24, 2022, at +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International). Participants must use

the following code to access the replay of the call: 22018635. An archived version of the webcast will also be available on iSpecimen's

Investor Relations site: https://ispecimen.irpass.com/.

iSpecimen (Nasdaq: ISPC) offers an online marketplace for human biospecimens,

connecting scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens

needed for medical discovery. Proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients

across a federated partner network of hospitals, labs, biobanks, blood centers and other healthcare organizations. For more information,

please visit www.ispecimen.com.

Forward Looking Statements

This press release may contain forward-looking statements within the

meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect,"

"intend," "anticipate," believe," "estimate" and "continue" or similar words. You should

read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future

results of operations or financial condition or state other forward-looking information.

Forward-looking statements are predictions, projections and other

statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.

Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including

but not limited to the risks factors contained in the Company's filings with the Securities and Exchange Commission, which are available

for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties

arise over time, and it is not possible for the Company to predict those events or how they may affect the Company. If a change to the

events and circumstances reflected in the Company's forward-looking statements occurs, the Company's business, financial condition and

operating results may vary materially from those expressed in the Company's forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking

statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a

result of new information, future events or otherwise.

For further information, please contact:

KCSA Strategic Communications

KCSA Strategic Communications

Raquel Cona / Shana Marino

STATEMENTS OF OPERATIONS